Northern Minerals (NTU) Investor Presentation summary

Strategic positioning and project highlights

• Browns Range is a high-grade heavy rare earths (HRE) project in Western Australia, with a resource of 7.5 Mt at 0.96% TREO and a probable ore reserve of 5.18 Mt at 0.88% TREO, making it one of the highest Dy/Tb grade deposits outside China.

• The project is fully permitted, has strong government and community support, and benefits from a strategic partnership with Iluka Resources to establish a domestic rare earth supply chain.

• Browns Range is aligned with Australian and US government critical minerals strategies, with coordinated support from Export Finance Australia and the US EXIM Bank, including potential debt funding up to US$230 million.

• The project targets first concentrate production in 2028, aiming to address global supply deficits and price premiums for non-China supply.

• The product basket is highly valuable, with over 70% of value from Dy/Tb, and is complementary to Iluka’s Eneabba refinery feedstock.

Equity raising and financials

• A single tranche placement will raise approximately $60.5 million through the issue of 1.19 billion new shares at $0.051 per share, representing a 9.8%–11.1% discount to recent VWAPs.

• Proceeds will be used for FEED programs, contract negotiations, convertible note repayment, working capital, exploration, staffing, IT, site upgrades, and funding offer costs.

• The DFS outlines a pre-production capital requirement of A$592 million, with potential funding from government agencies, strategic partners, and institutional equity.

• Financial metrics include a base case pre-tax NPV8% of A$187M, IRR of 12%, and average annual EBITDA of A$175M; the divergence case projects higher returns.

• All-in sustaining costs are forecast at A$44.70/kg TREO, with robust cashflows expected under both base and divergence scenarios.

Project execution and operations

• The 11-year life-of-mine plan targets average annual production of 4,350 t TREO in concentrate, with a steady-state output of 17,500 tpa concentrate at 25% TREO grade and 84% recovery.

• Mining will use conventional open pit and underground methods, with a robust flowsheet validated by pilot plant operations and extensive metallurgical test work.

• The project execution plan includes a detailed construction schedule, with FEED, enabling works, process plant construction, and ramp-up leading to first concentrate in 2028.

• The Iluka partnership includes a long-term supply agreement for up to 5,500 tpa TREO, with a total of 30,500 t to be delivered and a price mechanism that shares upside value.

• Significant exploration potential remains, with ongoing drilling and generative studies targeting resource expansion and new discoveries within a 5,600 km² tenement holding.